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Media General CEO’s Salary, Compensation Dip – CBL
By Citybizlist Staff
RICHMOND -- According to a proxy statement filed with the SEC, Marshall N. Norton, president and chief executive officer of Media General, Inc., has seen his total compensation sliced more than in half over the past three years.
Morton's salary froze at $925,000 in 2007 and 2008, while his total compensation rose from $2.9 million to $3.7 million during those years. For 2009, his salary fell to $871,635 and total compensation plunged to $1.4 million. Most of the decline stems from a 1.7 million stock award achieved only in 2008, and a steep fall in pension value from $808,933 in 2007 to $210,749 in 2009.
Media General's stated policy on executive compensation links to individual performance and aligns the interests of the individual with those of the stockholders. Consulting firm Towers Perrin assists in assessing compensation levels.
Like Morton, Media General had a losing season in 2009, although net losses decreased.
For 2009, Media General, Inc. (NYSE: MEG) reported a loss of $35.8 million, or $1.61 per share, on revenue of $657.6 million. That improved on the net loss of $631.9 million, or $28.60 per share, loss the year before on revenue of $797.4 million. Back in 2007 the company recorded a profit of $10.7 million, or 45 cents per share, on revenue of $896.3 million.
Headquartered in Richmond, Va., Media General owns three metropolitan and 20 community newspapers and 18 network-affiliated broadcast television stations.
In Friday morning trading the company's stock stood at $8.96, down 11 cents. The yearly peak has been $11.65.
SEC filing: http://tinyurl.com/y9d6w7f
About Media General from the company Web site
Media General is a leading provider of news, information and entertainment across multiple media platforms, serving consumers and advertisers in strong local markets, primarily in the Southeastern United States. Media General's operations are organized in five geographic market segments and a sixth segment that includes the company's interactive advertising services and certain other operations. The company's operations include 18 network-affiliated television stations and associated Web sites, 21 daily newspapers and associated Web sites, more than 200 specialty publications that include weekly newspapers, and niche publications targeted to various demographic, geographic and topical communities of interest. Many of the company's specialty publications have associated Web sites. Media General operates three interactive advertising services companies: Blockdot, which specializes in interactive entertainment and advergaming technologies; DealTaker.com, a coupon and shopping Web site; and NetInformer, a leading provider of wireless media and mobile marketing services.
Posted Mar 12, 2010
